Commerce Bank Has $4.12 Million Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Commerce Bank has reduced its stake in L3Harris Technologies Inc by 5.4%, now holding 19,687 shares valued at approximately $4.12 million.
• Several analysts have raised their price targets for L3Harris Technologies, with Citigroup increasing its target from $300 to $323, and the stock currently has a consensus rating of "Moderate Buy".
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, representing a 1.7% dividend yield, to be paid on September 22nd.

Commerce Bank cut its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 5.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,687 shares of the company's stock after selling 1,133 shares during the quarter. Commerce Bank's holdings in L3Harris Technologies were worth $4,121,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LHX. Beacon Capital Management LLC increased its holdings in shares of L3Harris Technologies by 79.5% in the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its stake in L3Harris Technologies by 336.4% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock valued at $30,000 after purchasing an additional 111 shares during the last quarter. Park Square Financial Group LLC acquired a new stake in shares of L3Harris Technologies during the fourth quarter worth $37,000. Cornerstone Planning Group LLC lifted its stake in shares of L3Harris Technologies by 323.3% in the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after buying an additional 139 shares in the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in shares of L3Harris Technologies in the first quarter worth about $42,000. 84.76% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total value of $19,522,080.00. Following the sale, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $39,472,018.92. This trade represents a 33.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the transaction, the insider owned 25,325 shares in the company, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,061 shares of company stock valued at $28,227,077 over the last 90 days. 0.72% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Barclays boosted their price objective on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Susquehanna boosted their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Wells Fargo & Company decreased their target price on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Robert W. Baird raised their target price on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, L3Harris Technologies currently has an average rating of "Moderate Buy" and an average price target of $279.47.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX traded down $0.65 during trading on Wednesday, reaching $277.57. The company had a trading volume of 1,294,793 shares, compared to its average volume of 1,342,419. The firm has a market capitalization of $51.93 billion, a price-to-earnings ratio of 31.01, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. The stock's fifty day moving average price is $256.47 and its 200 day moving average price is $228.74. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. The business had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The company's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.24 earnings per share. As a group, equities research analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be paid a dividend of $1.20 per share. The ex-dividend date is Friday, September 5th. This represents a $4.80 annualized dividend and a yield of 1.7%. L3Harris Technologies's dividend payout ratio is currently 53.63%.

L3Harris Technologies Profile

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.